TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- Today's federal budget, released today by Finance Minister Jim Flaherty, provides new support for manufacturing, skills training and infrastructure, according to BMO Commercial Banking.
Key initiatives include:
-- Support for manufacturing: $1.4 billion, two-year extension of the accelerated capital cost allowance.-- $920 million in renewed funding for the Economic Development Agency for Southern Ontario.-- Canada Job Grant. To help address skills shortages, Ottawa is introducing this grant, where they will pick up a third of the $15,000 available per person for training (along with the provinces and businesses).-- Infrastructure funding of about $5 billion per year maintained for next decade.
"The extension of the accelerated capital cost allowance, in conjunction with the continuing strength of the Canadian dollar, gives manufacturers the opportunity to invest in their operations and improve productivity," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "Combined with the Canada Job Grant and infrastructure funding, this budget is good news for Canadian business. We congratulate the Minister for his efforts to support Canadian firms."
Mr. Murphy encouraged businesses to get their share of the $10 billion in credit BMO has made available, giving them access to the capital they need to grow.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at January 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Matt Duffin, Toronto
Ronald Monet, Montreal
Laurie Grant, Vancouver